Adam Smith

Adam Smith says that specialization makes workers feel dignified their labor in benefit that happy workers work harder. Smith says that consumer capitalism benefited the poor, he believed that the surplus wealth would allow people to buy things to help them be happier. Smith believed that the rich only accumulated money for respect and honor rather than greed, he thought that by giving the rich awards and status for humanitarian acts it would encourage them to do it more often and influence other wealthy people to do the same. Adam Smith thought the education of consumers would save the economy by persuading them that they needed better quality and that the price is worth living a quality life. I say that workers that feel important and well paid work better than those who do not. I think that in order for the economy to capitalize off of the wealthy they should be taxed at the same rate as other classes and not afforded exemptions like inheritance. Smith's theory would not be so helpful in these times due to the neglect in realizing that most wealthy people are greedy, as most have gained financial wealth by not adequately paying workers or being selfish.

Smith used land as a value in wealth, these days I say that other assets like the cost of your home, savings, and businesses owned are use as ways to judge financial wealth. I say that wealthy people would consider investing in hospitals and rehabilitation centers conservative but I also believe that they would only invest if there were an incentive for them whether monetary or non-monetary.

Adam Smith says “According to the natural course of things, therefore, the greater part of the capital of every growing society is, first, directed to agriculture, afterwards to manufactures, and last of all to foreign commerce.” I agree that agriculture does indeed come first but being how much of our everyday items are made from foreign manufacturers or American companies that have started manufacturing overseas due to cheaper labor, then making it foreign commerce. It has definitely gained its importance.